Kazakh company has expressed its intention to invest $20 million in placer gold mining projects in Gilgit-Baltistan (G-B), as discussions were held with the Board of Investment (BoI) on opportunities in Pakistan's mining sector, particularly in the northern region.

According to an official statement issued on Thursday, Federal Minister for the Board of Investment Qaiser Ahmed Sheikh held a meeting with a delegation of Elaman Group from the Republic of Kazakhstan to discuss potential investment in placer gold mining in G-B.

During the meeting, the delegation informed the minister that Elaman Group planned to immediately invest $20 million in placer gold mining projects in the region, with prospects of further investment in subsequent phases. The group said it had already conducted preliminary studies of G-B and identified strong potential for placer gold exploration and development.

The delegation also shared plans to introduce modern mining technologies in collaboration with Chinese partners, aimed at ensuring efficient, sustainable and environmentally responsible mining practices.

The meeting was also attended by Additional Secretary-I Board of Investment Zulfiqar Ali. The federal minister assured the delegation of facilitation at both federal and provincial levels, including regulatory support, coordination with relevant authorities and assistance through the Board of Investment's single-window operations.

He said foreign investment in the mineral sector was important for economic growth, job creation and regional development, and encouraged investment initiatives that complied with Pakistan's legal and regulatory framework.

The Elaman Group highlighted its commitment to Corporate Social Responsibility (CSR) and community development initiatives in areas surrounding the mining sites. The delegation said its proposed activities would focus on local employment, skills development and social uplift in G-B.

It was further shared during the meeting that discussions on a joint venture with local partners had already been finalised, which would help ensure smooth project implementation in line with regulatory requirements.

The minister reiterated that the Board of Investment would continue to facilitate foreign investors and support responsible investment in the mining sector. He said the government was committed to promoting sustainable investment that contributed to economic revival and development.